Esusu, platform for renters to build credit scores, valued at $1.2 billion in new funding round

Esusu, a fintech innovator dedicated to enabling renters to build their credit scores, has successfully raised $50 million in a Series C funding round, achieving a valuation of $1.2 billion. The platform addresses a critical gap in the traditional credit system, where a staggering $1.4 trillion is paid annually to landlords in the U.S., yet only 20% of landlords report these payments to credit bureaus. This leaves countless dependable renters classified as "credit invisible." Wemimo Abbey, co-founder and CEO of Esusu, emphasized this issue in a recent interview on CNBC's "Worldwide Exchange." He pointed out that while 110 million Americans rent, less than 10% of their rental payment data is reflected in their credit scores. "When people pay rent, we ensure it appears on their credit report," Abbey stated, highlighting the importance of on-time rent payments in establishing a credit history. With over 50 million Americans lacking a credit history with the major credit bureaus—Experian, Equifax, and TransUnion—Esusu’s services have already helped renters access $30 billion in mortgages. Sean Mendy, a partner at Westbound Equity Partners and a primary investor in the funding round, remarked, "Esusu is fundamentally reshaping how the financial system can work for everyone. When people are given the tools to rise, they do." Ranked No. 49 on CNBC's 2025 Disruptor 50 list, Esusu collaborates with 65% of the largest commercial real estate owners and property managers in the country, as well as financial institutions. Since its inception in 2016, the platform has expanded its reach to support over five million rental units nationwide, impacting approximately 12 million renters and managing nearly $100 billion in annual lease transactions. The new funding will be utilized to enhance three key initiatives. Esusu aims to widen the distribution of its rent reporting API, branded as "rent reporting as a service," with recent partnerships that extend its technology to 228 million monthly active users via the real estate platform Zillow. Additionally, the company is set to introduce Esusu Pay in 2026, enabling renters to divide their monthly rent into manageable installments. Furthermore, Esusu is committed to advancing the use of rental data in mortgage underwriting, a move supported by the Federal Housing Finance Agency’s recent formalization of verified rental and identity data in the underwriting process. The founders' personal experiences significantly shaped Esusu's mission. Abbey and his co-founder Samir Goel, who immigrated from Nigeria and India respectively, faced financial challenges growing up. Abbey recounted, "When we arrived, we didn't have a credit score. We were turned away by major financial institutions and had to resort to predatory lending with exorbitant interest rates. We borrowed money from friends and family to get started." Their journey underscores the transformative potential of Esusu in empowering renters and reshaping financial access for millions.